Ron Baron

Ron Baron

Last Update: 2014-11-13

Number of Stocks: 357
Number of New Stocks: 22

Total Value: $24,141 Mil
Q/Q Turnover: 4%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201347.6331.5516.1
201216.415.41.0
2011-5.742.08-7.8
3-Year Cumulative62 (17.4%/year)55 (15.7%/year)7 (1.7%/year)
201031.5215.0616.5
200928.226.461.7
5-Year Cumulative173.1 (22.3%/year)125.5 (17.7%/year)47.6 (4.6%/year)
2008-46.67-37-9.7
200711.345.615.7
200621.5515.795.8
200514.374.919.5
200442.351230.3
10-Year Cumulative220.9 (12.4%/year)104.1 (7.4%/year)116.8 (5%/year)
200334.9528.76.2
2002-18.07-22.14.0
2001-15.71-11.9-3.8
20004.82-9.113.9
199918.4221-2.6
15-Year Cumulative271.2 (9.1%/year)98.3 (4.7%/year)172.9 (4.4%/year)
199811.6828.6-16.9
199749.8833.416.5
199616.1323-6.9
199536.9437.6-0.7
19944.761.33.5
20-Year Cumulative935.2 (12.4%/year)483.2 (9.2%/year)452 (3.2%/year)
199328.7810.118.7
199216.837.69.2

Top Ranked Articles

Ron Baron Suggests The Stock Market Could Be Setting Up for An Epic Run
Against my better judgement I caught a little bit of CNBC this morning. But to my surprise they had Ron Baron on for an extended interview. Imagine a financial network speaking to an investor who invests based on how the stock market values a business in relation to how that business is going to perform over the next five years! Read more...
Ron Baron on AECOM Technology, Carrizo Oil & Gas, LKQ (LKQX), Allegiant Travel and Macquarie Infrastructure Company
Ron Baron invests in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. These are the commentaries excerpted from his fund's quarterly report. Related companies: AECOM Technology (ACM), Carrizo Oil & Gas (CRZO), LKQ (LKQX), Allegiant Travel (ALGT) and Macquarie Infrastructure Company (MIC). Read more...
That Baron Conference
The Baron Funds’ yearly extravaganza on Oct. 24 had almost been cancelled this year--because the markets are so far down, because the Baron funds are so far down. Read more...
Ron Baron Likes Layne Christensen, Ritchie Brothers Auctioneers, Bankrate and China Nepstar
If you are looking for small cap growth companies, you should certainly look at what Ron Baron is buying. Baron invests in growth companies using a value-oriented purchase discipline, a lot like what Peter Lynch was doing. One issue with tracking Ron Baron was that at the time when we report, the stock prices have gone up. It is not the case this time. Read more...
Ron Baron on C.H. Robinson Worldwide, Inc., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc.
Ron Baron likes to buy companies that have long term growth potential. He used to supply research reports to Peter Lynch. If you want someone who has Peter Lynch's style of investing, Ron Baron is the closest. These are the commentaries of his firm on C.H. Robinson Worldwide, Inc., Tiffany & Co., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc. C.H. Robinson Worldwide, Inc. (CHRW) Read more...
» More Ron Baron Articles

Commentaries and Stories

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Weekly CEO Buys Highlight: SFXE, JMP, JONE, TEP, BCEI
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

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Growth Opportunities in Software - Baron Funds Newsletter
It has been a rocky nine months for software stocks. After soaring 47.6% in 2013, the S&P Software and Services Select Industry Index1 was down 4.85% year-to-date as of September 30, 2014, and down 9.1% since its peak on March 5, 2014. In contrast, the S&P 500 Index was up 8% year-to-date as of September 30, outpacing software by roughly 10%. More...

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Tractor Supply Company: Buy on Pullbacks Ron Baron,First Pacific Advisors - Tractor Supply Company: Buy On Pullbacks
Despite the relentless trend toward urbanization across America, some Americans remain resolutely rural. More...

RETAIL, Agriculture, Tractor Supply Company, Farming


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Ron Baron Explains What To Look For In a Company That's Built To Last
What should investors look for when trying to find great companies that they can own for decades? Ron Baron (Trades, Portfolio) thinks the place to start is management. More...

Ron Baron, David Einhorn, Video, Value investing, Long


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Baron Funds Comments on Tesla Motors Inc
During the quarter we purchased shares in Tesla Motors, Inc (TSLA). The pace of innovation at Tesla is head spinning and the progress being made towards the goal of revolutionizing the auto industry is impressive. Recently, Tesla announced an all-wheel-drive (AWD) model with two electric motors. Tesla’s model D has a longer range due to its dual motor performance optimization! In addition, Tesla announced initial Autonomous Driving capabilities and the potential for the car to serve as a valet for its driver. For those of you who used to watch David Hasselhoff in “Knight Rider,” it must bring a smile to your face. Tesla continues to delight customers and out-innovate its competition. (Gilad Shany) More...

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Ron Baron’s Baron Focused Growth Fund Q3 2014 Report
Dear Baron Focused Growth Fund Shareholder: More...

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Baron Funds Comments on Carlyle Group
The Carlyle Group (CG), a leading alternative asset management firm, has been under pressure in the most recent quarter with the stock declining approximately 10%. We took advantage of the weak share price to add to our position. Carlyle manages approximately $200 billion for its clients in diverse strategies and numerous products. Its history of providing solid risk adjusted returns to its clients has enabled it to build sticky relationships with clients who invest in multiple funds. The current decline in its share price is the result of concerns regarding increased regulation and higher rates impacting fund performance. While these factors may affect the company in the near term, they do not alter the long term thesis that we believe Carlyle Group can continue to broaden its product offering and manage considerably more assets. Carlyle Group is a dominant firm in the alternative space, which is growing at twice the rate of traditional managers. Additionally, we feel that Carlyle could grow faster than the industry as limited partners (clients) consolidate their manager selection. While Carlyle’s earnings are more volatile More...

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Baron Funds Comments on Manchester United plc
Manchester United plc (MANU) is an English Premier League professional sports team. The business had three principal segments: Commercial, Broadcasting and Matchday. The team has a global brand, with a proven history of success, having won 11 of the last 20 Premier League Titles. Soccer is now the second most popular sport among the 12-24 age group in the U.S., and Manchester United is among the most popular soccer teams globally. Manchester United has over 500 million fans worldwide and is positioned to benefit from greater broadcast fees and higher sponsorship and merchandising revenue over the next several years. The increase in broadcast, licensing and merchandising related revenues should generate substantially more cash flow and drive greater value to shareholders over the next several years. (Ashim Mehra) More...

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Baron Funds Comments on Helmerich & Payne Inc
Helmerich & Payne, Inc. (HP) is the leading land drilling contractor in the U.S. Shares fell in the quarter despite the fact that rising demand for its new rigs spurred clients to continue to add to the company’s record backlog of new rig contracts. The company’s fiscal third quarter earnings were a bit below expectations, which contributed to the stock weakness, but it appears that most of the weakness was related to concerns that lower oil prices would short-circuit the upturn in U.S. drilling. (Jamie Stone) More...

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Baron Funds Comments on Concho Resources Inc
Concho Resources, Inc. (CXO), is an exploration and production (E&P) company focused on the Permian Basin in West Texas. Shares fell in the third quarter, in line with the decline in oil prices. Concho remains on track to deliver on its “three by two” plan, designed to double production in three years. Even at lower oil prices, we believe Concho has the wherewithal to deliver on the program. In addition, drilling results from Concho and other E&P companies in the region are pointing to the potential for significantly more value creation from Concho’s resource base. (Jamie Stone) More...

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Baron Funds Comments on Air Lease Corp
Air Lease Corp. (AL) is an aircraft leasing company with a young, fuel-efficient fleet, addressing demand for replacement of older aircraft and more lift in emerging markets, namely Asia. It has strong growth and predictable cash flows, as evidenced by a 23% rise in sales and 42% rise in earnings-per- share in the second quarter. Deliveries are 100% booked through 2015 and 50% placed for 2016.We believe the stock fell in the third quarter due more to general market weakness than reported results, and that Air Lease is well positioned for a long “runway” of profitable growth. (David Goldsmith) More...

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Baron Funds Comments on Vail Resorts Inc
Shares of Vail Resorts, Inc. (MTN), the largest ski resort operator in the U.S., increased in the third quarter as the company resolved its litigation with the owners of Park City and bought the resort from them at what we believe is an attractive price. The resort gives Vail access to two adjacent resorts in Utah which, when combined, will make it the largest ski resort in the U.S. The company believes that by adding Park City to its season pass, it should be able to increase sales, which should help to insulate it from weather abnormalities. (David Baron) More...

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Baron Funds Comments on The Charles Schwab Corp
Shares of brokerage firm The Charles Schwab Corp. (SCHW) increased in the third quarter. The company indicated at its biannual investor meeting that earnings should approach the high end of initial guidance. Additionally, the company announced plans to return more cash to shareholders through dividends and buybacks. We believe Schwab is well positioned from a regulatory standpoint and has less exposure to trading commissions than its peers. It has been experiencing consistent and sustained growth in accounts as brokers leave traditional wirehouses. (Michael Baron) More...

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Baron Funds Comments on Mobileye NV
Mobileye N.V. (MBLY) is a software and systems design leader for camera-based advanced driver assistance systems (ADAS). The share price increased after we participated in Mobileye’s IPO in the quarter. We believe the company has the potential to become a multi-decade leader in the race to autonomous driving, a trend that we believe will improve transportation safety and efficiencies. (Gilad Shany) More...

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Ron Baron’s Baron Partners Fund Q3 2014 Report
Dear Baron Partners Fund Shareholder: More...

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Baron Growth Fund Comments on Benefitfocus Inc
Shares of Benefitfocus, Inc. (BNFT) fell in the third quarter, partly due to a secondary offering in July that increased the public float by more than 30%. Benefitfocus is the leading provider of cloud-based benefits software, offering an integrated suite of solutions to help customers more efficiently shop, enroll, manage, and exchange benefits information. We think Benefitfocus serves an addressable market more than 100 times larger than its current business, which should allow it to compound revenue at more than 30% annually. (Neal Rosenberg) More...

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Baron Growth Fund Comments on Financial Engines Inc
Shares of Financial Engines, Inc. (FNGN), a service provider to defined contribution plans and individual investors, fell in the third quarter. While the company continues to penetrate the market, investors have become concerned about profitability and competition. Gross profit yield continues to gradually decline as plan providers use their gatekeeper positions to receive a higher share incremental economics. Investors are also concerned that cheaper target date funds could take market share. We retain conviction about the company’s unique product and significant market opportunity. (Michael Baron) More...

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Baron Growth Fund Comments on Colfax Corp
Shares of industrial machinery company Colfax Corp. (CFX) fell in the wake of weaker-than-expected second quarter results. Strong margins in welding were offset by operational missteps in the legacy fluid handling business combined with a weak macro environment. Colfax recently announced a new president for the fluid handling business, and we expect this business to get back on track soon. We believe that Colfax will continue to use its proven business strategy to improve operations at acquired companies, generating substantial shareholder value over time. (Rebecca Ellin) More...

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Baron Growth Fund Comments on Concur Technologies Inc
A good example of this strategy during the quarter was our investment in Concur Technologies, Inc. (CNQR), a $7.2 billion company that was the subject of a takeover by global software firm SAP. Baron Growth Fund has owned Concur, a leading provider of travel and expense management software, since 2009, when the company had a market value of roughly $1.1 billion. We have since earned about six times our initial investment. Concur joins CFR Pharmaceuticals SA, Windy City Investments Holdings, LLC (Nuveen Investments), Kerzner International Holdings Ltd. and Targa Resources Corp. as other Baron Growth Fund investments that have been the subject of acquisitions in 2014. More...

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Baron Growth Fund Comments on Community Health Systems Inc
Community Health Systems, Inc. (CYH) is one of the largest hospital operators in the U.S., with a focus on small and mid-sized markets in 29 states. Shares rose on strong second quarter results, driven by higher utilization and an improved payor mix stemming from health care reform and the improving economy. Management’s volume initiatives are taking hold. More states with large Community footprints are pursuing Medicaid expansion. Finally, the integration with HMA is going well, and we think synergies will ultimately exceed initial guidance. (Susan Robbins) More...

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User Comments

Francesca turner
ReplyFrancesca turner - 8 months ago
why is illumina performing so badly and do you still own it?

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